You will want to provide meeting spaces that are conducive to teamwork (conference room, class with moveable tables, etc.), rooms that you can schedule, and rooms that students can use outside of class time. This gives teams a home base for subteam meetings and meetings with sponsors and collaborators. Team meeting times typically stay the same from semester to semester.
As your program grows, you’ll find that not all teams schedule VIP space. In the Georgia Tech Program, roughly half of our VIP teams meet in VIP meeting rooms, and half meet in rooms arranged by their instructors (conference rooms, research labs, classrooms near their labs or offices, etc.).